Seattle's Redfin Confirms Layoffs For 100s Of Employees

[Yo_Mama_Been_Loggin]

SEATTLE — Hundreds of Redfin employees will be out of a job after the Seattle-based real estate brokerage announced layoffs for 8 percent of its workforce Tuesday. In a letter sent to workers and published online, Redfin CEO Glenn Kelman blamed a cooling housing market and declining demand.

"To all the departing people who put your faith in Redfin, I’m sorry we can’t keep our commitment to you," Kelman wrote. "With May demand 17% below expectations, we don’t have enough work for our agents and support staff, and fewer sales leaves us with less money for headquarters projects."

According to The Seattle Times, the cuts will impact 470 employees by the end of June, including workers at Redfin-owned RentPath and Bay Equity. Details on how many of those layoffs impacted Seattle workers were not immediately available.

Kelman said engineering, analytics and user research teams would suffer the most losses, in stark contrast to the "berserk" levels of recruiting to keep up with customer demand in 2020 and 2021.

https://www.msn.com/en-us/money/companies/seattle-s-redfin-confirms-layoffs-for-100s-of-employees/ar-AAYsTVB

Could the ridiculous have something to do with the cooling market? Walked by a house for sale in my neighborhood today with the asking price of $1.2 million. It's a nice house but there's no way in my mind it's worth over one million.

[spooky3]

1. I heard on the radio today that average mortgage rates were now over 6%.

That’s a huge increase over the past year.

[Demovictory9]

2. Thats huge increase..my rate was 6.5 waaay back in 2008

[spooky3]

3. Yes it is. Bankrate.com shows 5.88% and I'm not

Sure what the source was on the radio.

I notice that houses for sale are now sitting longer in my neighborhood.

[enid602]

4. ARM

I read, however that ARM's are back big time. Which might well lead to a lot of foreclosures in about 2 years or so.